Sunday, December 1, 2013

The Basics of Bitcoin

At the time that I first saw this article, it was the first that I had ever heard of this strange phenomenon called "Bitcoin".

Since then, it seems, I keep on hearing about it, whether I want to or not.

It is a currency that does not belong to any nation (at least not yet), and thus, is not governed by any laws. That, of course, has a certain appeal. Probably the biggest appeal is that it is thus tax-free.

Lately, it has been receiving a lot of attention, and even gained some official recognition by major governments around the world, including from major economies like Japan and, very recently, the United States.

Of course, those people who have been fans and followed Bitcoin for years are a bit skeptical of all this recognition, and worry that official recognition by governments is the first step towards being regulated by governments, which would probably make Bitcoin lose much of it's romantic appeal.

For now, though, Bitcoin has what can be considered a massive, and growing, appeal. Each Bitcoin, to my understanding, is worth approximately $1,000 US!

Quite a few lucky people who believed enough to invest early have seen their early faith rewarded very handsomely indeed!

Still, the lingering doubted about the direction of the currency is a cause for concern among those who were among it's earliest, and most loyal, supporters, and it is almost a de facto currency for those who are highly skeptical of the national government.

In any case, I kind of forgot about this article for a while, but having mined a bit through the long list of pieces yet to be published on "The Charbor Chronicles", I figured this should see the light of day. It is an introductory article all about Bitcoin:

"The Basics of Bitcoin" posted by M Caulfield of "Exposing the Truth", August 26, 2013: